A study released by Manhattan Borough President Scott Stringer found that only 5 percent of minority- and women-owned businesses get New York City contracts.
Eight years after the city passed a law to help minority businesses, only 25.5 percent of the 500 businesses Stringer’s office contacted said they had a contract with the city, which gives out billions of dollars a year. What is more alarming is that though only a small percentage of minority-owned businesses have won contracts with the city, data shows that the number of women- and minority-owned business certified to bid for city contracts has surged, despite not cashing in.
During last year’s budget, minority businesses received only 5 percent of the $10.5 billion budget the city spent on contracts.
Source: Black Enterprise Magazine
